Russia to ban direct peer-to-peer crypto trades starting July 2027

A direct peer-to-peer, or P2P, cryptocurrency trade happens between individuals without an exchange, broker, bank, or other intermediary arranging the transaction. The people involved deal with each other directly. This differs from an exchange-based trade, where a platform helps match buyers and sellers, processes the transaction, or holds assets or accounts.

For example, one person could agree to sell crypto directly to another person and transfer the assets without using an authorized exchange. Under Russia’s planned rules, that direct route would no longer be allowed after July 1, 2027. The alternative would be to use an authorized intermediary for the trade.

The distinction matters because the Bank of Russia is expanding oversight of crypto exchanges and custodians. Direct P2P transactions sit outside that intermediary-based system. The article also notes that industry executives believe P2P trading may be difficult to stop, because it can be more resilient than centralized platforms.

Russia’s new restriction is narrower than a total cryptocurrency ban. It specifically concerns direct peer-to-peer transactions between individuals. The Bank of Russia says people may continue such transactions only until July 1, 2027. After that date, individuals will need authorized intermediaries for those trades.

For example, a person could not simply exchange crypto directly with another individual under the planned rule. The trade would need to pass through an authorized service. Separately, the regulator says people cannot transfer crypto from digital accounts to their own non-custodial, or self-custodial, wallets.

Other parts of Russia’s crypto market are being regulated rather than eliminated. The country has approved exchanges and custodians under central-bank oversight, and Sberbank received approval to offer crypto exchange services. However, Russia continues to prohibit cryptocurrency payments for goods and services.

The biggest change is that individuals will lose the ability to complete direct P2P cryptocurrency trades after July 1, 2027. The Bank of Russia says those transactions remain permitted only until that date. The restriction applies to direct exchanges between people, rather than describing a complete end to crypto trading.

For example, someone wanting to sell cryptocurrency to another individual could not finalize the deal privately and directly after the deadline. The transaction would need to go through an authorized intermediary, such as a permitted exchange service. The article does not specify penalties or the exact enforcement process.

The policy is being introduced as Russia builds a regulated crypto market. Exchanges and custodians now fall under central-bank oversight, and Sberbank has been authorized to provide crypto exchange services. Industry executives warn that direct P2P activity may be difficult to suppress, while wallet restrictions may not affect every type of wallet.

Russia is requiring authorized intermediaries as it expands a regulated cryptocurrency market. The new rules bring exchange operators and custodians under the Bank of Russia’s oversight. Using approved services places crypto activity inside that system, while direct P2P trades would occur outside it. The article presents the policy as part of this broader regulatory shift.

In practice, a buyer and seller would use an authorized exchange or another approved intermediary rather than transferring crypto directly between themselves. Sberbank illustrates the model: the Bank of Russia authorized it to offer crypto exchange services after approving it as a digital asset custodian.

Central-bank oversight means exchanges and custodians operate within the framework introduced by Russia’s new crypto rules. The rules took effect on September 1. The article does not detail licensing tests, reporting duties, or enforcement procedures. It does note that executives question how effectively authorities can stop direct P2P trading.

The Bank of Russia is Russia’s central bank and the regulator issuing guidance on P2P trades, wallets, exchanges, and custodians. It has brought exchange operators and custodians under oversight through new crypto rules. Exchanges provide a route for buying and selling crypto, while custodians are approved services that hold digital assets for users.

Sberbank shows how these roles fit together. The Bank of Russia first approved the bank as a digital asset custodian. It then authorized Sberbank to offer crypto exchange services. That gives Sberbank both a custody role and an exchange role within the regulated market described in the article.

The system is still developing. Russia plans to end direct P2P trades on July 1, 2027, pushing individuals toward authorized intermediaries. The article does not list every approved company or explain all supervisory requirements. It does state that crypto payments for goods and services remain prohibited.

After direct P2P transactions are banned, the clearest legal alternative described in the article is using an authorized intermediary. That could include a regulated crypto exchange or another approved service operating under the Bank of Russia’s oversight. The article does not provide a complete list of available platforms.

Sberbank is one concrete example. The Bank of Russia authorized the country’s largest bank to offer crypto exchange services after approving it as a digital asset custodian. Someone seeking to trade through the regulated system could therefore use an approved service such as this, subject to the applicable rules.

The legal alternatives have important limits. Russia continues to prohibit cryptocurrency payments for goods and services. The regulator also says individuals cannot transfer crypto from digital accounts to their own self-custody wallets. Industry executives warn that P2P and some wallet activity may be difficult to eliminate completely.

A self-custody, or non-custodial, wallet is a crypto wallet where the user controls access to the assets instead of leaving them with an exchange, bank, or custodian. In ordinary cryptocurrency systems, ownership is represented by control of the wallet’s private keys, and transfers are recorded on the relevant blockchain. This wallet model is established crypto knowledge; the article uses the terms but does not explain the technical process.

For example, a person might move crypto from an account held with a digital platform into a wallet controlled personally. The Bank of Russia says individuals are not allowed to make that transfer from their digital accounts to their own non-custodial wallets.

This rule is separate from the planned ban on direct P2P trades. The article also reports that SatoshiLabs executive Stepan Uherik believes wallet-app bans would not affect hardware and desktop wallets. It does not explain how authorities would enforce every wallet restriction.